NYSE Euronext Plans To Cut $250 Million In Expenses By End Of 2014
02 Aprile 2012 - 7:55PM
Dow Jones News
NYSE Euronext (NYX) unveiled a plan to save $250 million in
annual expenses by the end of 2014 as the exchange company
refocuses on its independent strategy after the European Union
blocked its planned merger with Deutsche Boerse AG (DB1.XE,
DBOEF).
The effort aims to more closely integrate technology used to
power NYSE Euronext's markets, "streamline" its organization and
trim the company's business portfolio, according to documents
prepared by the company for its annual investor day.
NYSE Euronext Chief Financial Officer Michael Geltzeiler and
Chief Operating Officer Lawrence Leibowitz will lead the effort,
according to the company. The plan seeks to trim $90 million in
technology-related costs and $90 million in infrastructure costs,
with an anticipated $70 million in savings derived from taking
clearing functions in-house and other portfolio moves.
The New York firm expects to achieve about one-quarter of the
cost savings by the end of 2012 and 60% by the end of 2013.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117;
jacob.bunge@dowjones.com
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